Hafnia Minor model adjustments
We have updated our near-term rate estimates and made other minor adjustments to our model following the Q4 report. We still believe fleet utilisation is set remain at its current high, with supportive fundamentals on limited fleet deliveries and major renewal requirements, as well as continued tailwinds for rates due to the Red Sea disruption. Hence, we see potential for an increase in the group’s payout ratio to 80% of adj. EPS from Q3 2024 (70% in Q4 2023), and estimate a DPS of cNOK12 (USD1.11) for 2024, or a c16% dividend yield. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have raised our target price to NOK92 (90).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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